“India today is a fast-growing market that is demanding attention from the world’s fast-moving consumer goods companies, who are our customers. It is imperative that we are there to serve these customers and the emerging local producers who will be consuming more and more PET and PSF over the next decade,” said Indorama CEO Aloke Lohia.

“We are looking at the long-term double-digit growth in demand for such products, and feel this is the right time to move into the market.”

The company said details of the capacity and location are expected to be made public once formal negotiations have been completed.